Credit Suisse to sell bulk of Securitized Products Group to Apollo By Reuters

© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann

ZURICH (Reuters) – Credit Suisse has entered into definitive agreement to sell a significant part of its Securitized Products Group and other related financing businesses to Apollo Global Management (NYSE:), the Swiss bank said on Tuesday.

The transaction and sale of other portfolio assets to third-party investors was expected to reduce SPG assets from $75 billion to around $20 billion through a series of transactions expected to be completed by mid-2023, it said without giving a sale price.

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